Alimony, property division, and taxes
Alimony, or spousal support, can be awarded if one spouse needs it and the other spouse has the ability to pay it. A husband can receive alimony if he needs it and his wife is able to pay. The main characteristic of an alimony case is a substantial income difference between the spouses.
Unless the couple can reach an agreement, the court will divide the property (assets) in a fair and equitable way. This could mean a 50/50 division, or some other ratio. The assets to be divided include his assets, her assets, and joint assets. In doing so, the court may consider, among other things:
- The relative incomes of wife and husband
- Each spouse's contribution as homemaker or wage earner
- The health of each spouse
- The total amount of family property
- The length of the marriage
- Fault (adultery, extreme cruelty, etc.)
Federal tax law can potentially lead to unexpected results in property division. A division initially intended to be 50/50 could become substantially unequal. It is important to consider taxes at the time of divorce to avoid an unanticipated tax bill. Tax exemptions and filing status are other tax issues. It is wise to have an accountant review the property division and other financial aspects of your divorce.
Tags: alimony, nh divorce law, property division, taxes
Posted February 8, 2012
©1995-2020 Honey Hastings